Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report '2024 E-commerce in Southeast Asia' by Momentum Works.
TikTok Shop has become the second largest e-commerce platform in Southeast Asia after acquiring Tokopedia. (Photo: topzone.vn)
Hanoi (VNS/VNA) - Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report '2024 E-commerce in Southeast Asia' by Momentum Works.
Vietnam also surpassed the Philippines to become the third largest e-commerce market in the region.
The total merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached 114.6 billion USD in 2023, a year-on-year increase of 15%.
The report showed although the macro economy still has many difficulties, the Southeast Asian e-commerce has grown continuously and this year's GMV is predicted to be double that of 2020.
Vietnam and Thailand are the two fastest growing e-commerce markets, with GMV increasing by 52.9% and 34.1% respectively over the same period last year.
Vietnamese e-commerce has grown continuously with an average growth rate of 16-30% per year in the past four years, the highest growth rate in the world.
Meanwhile, Indonesia is still the largest e-commerce market in ASEAN, contributing 46.9% to the region's GMV.
In the Southeast Asian market, Shopee will achieve total GMV revenue of 55.1 billion USD last year, accounting for 48% of the market share.
TikTok Shop has become the second largest e-commerce platform in Southeast Asia, after acquiring Tokopedia.
The commerce platform's GMV nearly quadrupled over 2022 to reach 16.3 billion USD in the past year.
In Vietnam alone, TikTok Shop is currently the second largest e-commerce platform with 24% market share.
The report also identified some main drivers in the e-commerce industry in the region.
Firstly, KOLs (influencers) selling online are able to navigate the e-commerce market in three markets of Vietnam, Thailand and Indonesia. Even just one livestream session with a KOL can generate millions of dollars in revenue.
Secondly, platforms in the region have begun to adopt innovative AI applications, especially in user experience and operational efficiency.
♔ Thirdly, sellers are also facing pressure from parcel delivery service sourcing platforms./.
Prime Minister Pham Minh Chinh has asked Hanoi to exert stronger efforts to take the lead in the development of digital economy, digital society, and digital citizens to work towards a civilised and modern society.
The 2023 Cross-border E-commerce Expo Vietnam, the first of its kind, will take place in the southern largest economic hub of Ho Chi Minh City from August 10-12.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
